4 ms·

Any solutions? Can't really ignore globalization, because you fall behind the rest of the world who's embracing it. The genie is out of the bottle.

ushakov 5y ago
> Any solutions? don't compete with morale-less losers! you can be a ethical company and let others follow your example
cryptica 5y ago
IMO, the solution is to either: - Stop money printing globally. Switch to a deflationary monetary system like Bitcoin or other. - Change the mechanism of money printing globally. Distribute all newly issued currency via UBI indiscriminately to citizens (instead of the current trickle-down approach of currency issuance which gives an advantage to corporations). We need to get rid of the centralized streams of new currency because it artificially concentrates all of a nation's competition to small areas. Those who are closer to the money printers have a huge competitive advantage over those who are far. We need to get rid of Cantillion effects. Maybe if globalization was done in a decentralized way, we would have smaller tribes wherein reputation would matter more and competition would be less intense. Currency printing is essentially a form of government subsidy via dilution. It takes wealth from PersonA, PersonB and PersonC who are on the periphery and uses it to subsidize PersonD who is in the middle. It's not difficult to figure out why PersonA, PersonB and PersonC are not able to compete against PersonD - Their own money is weaponized against them. The subsidy allows PersonD to offer lower prices.
- User23 5y ago
  You forgot the single most important piece: outlaw usury. Lenders should earn from the value they create by underwriting, which is to say identifying parties that will increase general wealth and well-being if found creditworthy, not by collecting rents.
  - cryptica 5y ago
    I don't know if it's the most important. I think monetary policy is the most important. But I agree that it could go a long way if governments would make the distinction between value-creation and value-extraction. The way things are now, people simply do not acknowledge that there is a difference at all. The reason why I think that monetary policy is the most important thing is that it naturally favors value-extraction (rent seeking). Why bother creating value for consumers when you can just tap into easy money from banks and government contracts?
    - User23 5y ago
      I basically agree. Here’s why I think interest is so odious though: barring rounding errors like minted coins and federal reserve notes, our civilian money supply is bank created deposits. Anyone who borrows at interest from a bank will have to get more money than the bank initially created when it originated the loan. In aggregate it’s clear that it’s impossible for all borrowers to pay back usurious loans. It’s a fundamentally unjust system that guarantees that no matter how well they manage their finances, some borrowers must be forced to default.
      - cryptica 5y ago
        Agreed. I guess it could be said that usury is an integral part of our current monetary system. It looks amazingly profitable from the bank's perspective. You just print money, loan it out to PersonA to buy a house, then collect interest payments on that for 20 years, then PersonB comes along, you print even more money, loan it out to PersonB to buy the same house from PersonA at a higher price, then collect interest payments on that for another 20 years... Repeat ad-infinitum.
arcastroe 5y ago
> Any solutions? I think people's frustrations with this is part of the reason we currently have a cancel culture. Part of the risk of unethical behavior IS getting cancelled. Of course as soon as people bring up their pitchforks, a company always backtracks with a "we remain committed to bringing the best experience for our customers"
Glyptodon 5y ago
We should have made free trade require ethics and labor standards to participate.
- lazide 5y ago
  Lulz. Even trade within a nation rarely met that bar in the past.

ushakov 5y ago

> Any solutions? don't compete with morale-less losers! you can be a ethical company and let others follow your example

cryptica 5y ago

IMO, the solution is to either: - Stop money printing globally. Switch to a deflationary monetary system like Bitcoin or other. - Change the mechanism of money printing globally. Distribute all newly issued currency via UBI indiscriminately to citizens (instead of the current trickle-down approach of currency issuance which gives an advantage to corporations). We need to get rid of the centralized streams of new currency because it artificially concentrates all of a nation's competition to small areas. Those who are closer to the money printers have a huge competitive advantage over those who are far. We need to get rid of Cantillion effects. Maybe if globalization was done in a decentralized way, we would have smaller tribes wherein reputation would matter more and competition would be less intense. Currency printing is essentially a form of government subsidy via dilution. It takes wealth from PersonA, PersonB and PersonC who are on the periphery and uses it to subsidize PersonD who is in the middle. It's not difficult to figure out why PersonA, PersonB and PersonC are not able to compete against PersonD - Their own money is weaponized against them. The subsidy allows PersonD to offer lower prices.

User23 5y ago
You forgot the single most important piece: outlaw usury. Lenders should earn from the value they create by underwriting, which is to say identifying parties that will increase general wealth and well-being if found creditworthy, not by collecting rents.
- cryptica 5y ago
  I don't know if it's the most important. I think monetary policy is the most important. But I agree that it could go a long way if governments would make the distinction between value-creation and value-extraction. The way things are now, people simply do not acknowledge that there is a difference at all. The reason why I think that monetary policy is the most important thing is that it naturally favors value-extraction (rent seeking). Why bother creating value for consumers when you can just tap into easy money from banks and government contracts?
  - User23 5y ago
    I basically agree. Here’s why I think interest is so odious though: barring rounding errors like minted coins and federal reserve notes, our civilian money supply is bank created deposits. Anyone who borrows at interest from a bank will have to get more money than the bank initially created when it originated the loan. In aggregate it’s clear that it’s impossible for all borrowers to pay back usurious loans. It’s a fundamentally unjust system that guarantees that no matter how well they manage their finances, some borrowers must be forced to default.
    - cryptica 5y ago
      Agreed. I guess it could be said that usury is an integral part of our current monetary system. It looks amazingly profitable from the bank's perspective. You just print money, loan it out to PersonA to buy a house, then collect interest payments on that for 20 years, then PersonB comes along, you print even more money, loan it out to PersonB to buy the same house from PersonA at a higher price, then collect interest payments on that for another 20 years... Repeat ad-infinitum.

arcastroe 5y ago

> Any solutions? I think people's frustrations with this is part of the reason we currently have a cancel culture. Part of the risk of unethical behavior IS getting cancelled. Of course as soon as people bring up their pitchforks, a company always backtracks with a "we remain committed to bringing the best experience for our customers"

Glyptodon 5y ago

We should have made free trade require ethics and labor standards to participate.

lazide 5y ago
Lulz. Even trade within a nation rarely met that bar in the past.